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Our Missio Is to Genera in Emergin Countries, B in Sustaina Private Sec Our Target Is to Make in the Poor Remaining Classified A

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Our Missio Is to Genera in Emergin Countries, B in Sustaina Private Sec Our Target Is to Make in the Poor Remaining Classified A CDC Group plc CDC Group plc Cardinal Place Our mission Level 2 Annual Review 2007 80 Victoria Street is to generate wealth, broadly shared, London SW1E 5JL in emerging markets, particularly in poorer Telephone: +44 (0)20 7963 4700 countries, by providing capital for investment Fax: +44 (0)20 7963 4750 Email: [email protected] in sustainable and responsibly managed private sector businesses. www.cdcgroup.com Generating wealth in emerging markets Our target is to make at least 70% of our investments in the poorer countries * in the world and the remaining 30% in countries which are classified as poor. ** We also target at least 50% of our investments in sub-Saharan Africa and South Asia. * Countries where Gross National Income (GNI) per head is less than US$1,750. Designed and produced by Radley Yeldar. Printed in England by CTD. ** Countries where GNI per head is less than US$9,075. Printed on HannoArt Silk, comprising of fibres sourced from well managed sustainable forests, incorporating FSC certified fibre and bleached without the use of chlorine. The production mill for this paper operates to EMAS, ISO 14001 environmental and ISO 9001 quality standards. (both in 2001 terms) CDC Group plc CDC Group plc Cardinal Place Our mission Level 2 Annual Review 2007 80 Victoria Street is to generate wealth, broadly shared, London SW1E 5JL in emerging markets, particularly in poorer Telephone: +44 (0)20 7963 4700 countries, by providing capital for investment Fax: +44 (0)20 7963 4750 Email: [email protected] in sustainable and responsibly managed private sector businesses. www.cdcgroup.com Generating wealth in emerging markets Our target is to make at least 70% of our investments in the poorer countries * in the world and the remaining 30% in countries which are classified as poor. ** We also target at least 50% of our investments in sub-Saharan Africa and South Asia. * Countries where Gross National Income (GNI) per head is less than US$1,750. Designed and produced by Radley Yeldar. Printed in England by CTD. ** Countries where GNI per head is less than US$9,075. Printed on HannoArt Silk, comprising of fibres sourced from well managed sustainable forests, incorporating FSC certified fibre and bleached without the use of chlorine. The production mill for this paper operates to EMAS, ISO 14001 environmental and ISO 9001 quality standards. (both in 2001 terms) Contents Portfolio diversity New commitments CDC’s fund commitments and investments Portfolio diversity IFC Portfolio value New commitments CDC CDC Outstanding investment Outstanding investment New commitments IFC i i commitment value commitment value Highlights and Performance 01 £1.2bn 5.2% £1.1bn 175% £m £m £m £m Statement from the Chairman 02 £1.2bn £1.1bn Actis 11 Legacy Funds 15.2 349.0 Capital Alliance Private Equity II 3.7 10.8 £1.1bn Actis Africa Fund 2 14.1 211.7 Capital Today China Growth Fund 10.1 4.2 The development process 04 £0.9bn Canada Investment Fund for Africa 1.5 10.9 Central Africa Growth Fund SICAR – 4.0 Fund managers 06 Actis Africa Empowerment Fund 3.6 21.5 CDH China Fund III 24.2 12.8 £0.4bn Actis Africa Real Estate Fund 46.2 13.7 CITIC Capital China Partners 9.0 2.9 Investee companies 08 £0.2bn Actis Agribusiness Fund 16.2 19.6 CMIA China Fund III 5.3 9.1 Economic growth 09 Actis ASEAN Fund 25.3 15.0 CVCI Africa Fund 40.1 10.0 a 05 06 07 05 06 07 c Actis Assets Fund 2 ––Dynamic India Fund VII 20.4 23.2 i Statement from the Chief Executive 10 r f Actis China Fund 2 14.1 26.0 ECP Africa Fund II 10.7 14.2 A 14 Best practice investment and Portfolio by region New commitments by region Actis India Fund 2 7.6 54.2 Ethos Fund IV 9.0 8.1 development impact review 12 Actis India Real Estate Fund 50.4 – European Financing Partners 9.9 3.5 Af Af Africa £588m Af Af Africa £135m Actis South Asia Fund 2 4.7 54.9 Global Environment Emerging Markets Fund III 18.5 1.0 Business review As Asia £286m As Asia £353m As Actis Umbrella Fund 3.2 11.4 GroFin East Africa SME Fund 0.8 0.6 – Africa 14 LA Latin America £38m LA Latin America £101m Rf Rf Regional funds £272m Rf Regional funds £512m Actis Infrastructure Fund II 374.7 – Helios Investors 11.2 22.5 – Asia 18 LA Actis Emerging Markets Fund 3 100.8 – Horizon Tech Ventures – 0.7 – Latin America 22 Actis Africa Fund 3 75.6 – Horizon Fund III 5.3 0.1 Actis India Fund 3 50.4 – I&P Capital II 5.1 – – Regional funds 24 Actis China Fund 3 50.4 – IDFC Private Equity Fund II 5.7 9.8 Performance review 28 As Rf LA Actis Latin America Fund 3 49.6 – India Value Fund II 0.3 2.5 29 Actis managed funds 903.6 787.9 India Value Fund III 9.2 3.2 Board of Directors 34 International Finance Participation Trust (2004) 13.4 36.0 a CDC’s fund managers 36 i Aureos 10 Legacy Funds – 4.6 Kendall Court Mezzanine (Asia) Fund 3.9 3.1 s Portfolio by fund manager New commitments by fund manager A 18 CDC’s fund commitments Aureos Central America Fund 1.5 2.8 Kotak India Realty Fund 23.2 1.8 1 1 Actis £838m 1 1 Actis £781m and investments IBC Aureos Central Asia Fund 9.9 – Lok Capital 1.5 0.4 2 Aureos £39m 2 Aureos £38m Aureos China Fund 9.2 0.3 Lombard Asia III 8.9 0.8 Contact details BC 3 Other £306m 3 Other £282m Aureos East Africa Fund 0.3 5.0 Medu Capital Fund II 5.0 0.4 3 3 Aureos Latin America Fund 13.0 1.9 Minlam Microfinance Offshore Fund 3.0 13.1 2 2 Aureos Malaysia Fund 4.9 – Navis Asia Fund IV 0.1 6.2 Aureos South Asia Fund I [Interim] 0.7 1.9 Navis Asia Fund V 23.8 10.1 Aureos South Asia Fund 10.7 6.1 New Silk Route Fund I 22.0 2.3 a Aureos South East Asia Fund 5.0 5.1 Nexxus Capital Private Equity Fund 9.6 0.1 c i r Aureos Southern Africa Fund 1.6 4.5 Patria – Brazilian Private Equity Fund III 12.0 2.4 e Aureos West Africa Fund 1.0 6.6 Saratoga Asia II 22.5 0.1 m A Emerge Central America Growth Fund 2.2 0.2 Shorecap International 0.9 2.0 n i Kula Fund II Ltd 1.8 0.6 Sphere Fund 1 0.6 0.6 t a 23 Aureos managed funds 61.8 39.6 Vantage Mezzanine Fund 5.4 1.9 L 22 48 Other managed funds 400.7 281.1 Access Holdings 2.0 0.6 Advent Latin America Private Equity Fund IV 8.4 1.6 4 Co-investments 5.0 75.5 Afghanistan Renewal Fund 2.6 – African Lion – 14.2 Total legal commitment to 100 funds African Lion 2 – 5.4 and 4 co-investments at end 2007 1,371.1 1,184.1 AIF Capital Asia III 16.0 4.9 s Avigo SME Fund II 6.0 4.1 d n Baring India Private Equity Fund II 2.3 4.7 u f BTS India Private Equity Fund 8.6 1.1 l a Business Partners International Kenya SME 0.5 0.3 n o i Capital Alliance Private Equity I – 19.7 g e R 24 Contents Portfolio diversity New commitments CDC’s fund commitments and investments Portfolio diversity IFC Portfolio value New commitments CDC CDC Outstanding investment Outstanding investment New commitments IFC i i commitment value commitment value Highlights and Performance 01 £1.2bn 5.2% £1.1bn £m £m £m £m Statement from the Chairman 02 £1.2bn £1.1bn Actis 11 Legacy Funds 15.2 349.0 Capital Alliance Private Equity II 3.7 10.8 £1.1bn Actis Africa Fund 2 14.1 211.7 Capital Today China Growth Fund 10.1 4.2 The development process 04 £0.9bn Canada Investment Fund for Africa 1.5 10.9 Central Africa Growth Fund SICAR – 4.0 Fund managers 06 Actis Africa Empowerment Fund 3.6 21.5 CDH China Fund III 24.2 12.8 £0.4bn Actis Africa Real Estate Fund 46.2 13.7 CITIC Capital China Partners 9.0 2.9 Investee companies 08 £0.2bn Actis Agribusiness Fund 16.2 19.6 CMIA China Fund III 5.3 9.1 Economic growth 09 Actis ASEAN Fund 25.3 15.0 CVCI Africa Fund 40.1 10.0 a 05 06 07 05 06 07 c Actis Assets Fund 2 ––Dynamic India Fund VII 20.4 23.2 i Statement from the Chief Executive 10 r f Actis China Fund 2 14.1 26.0 ECP Africa Fund II 10.7 14.2 A 14 Best practice investment and Portfolio by region New commitments by region Actis India Fund 2 7.6 54.2 Ethos Fund IV 9.0 8.1 development impact review 12 Actis India Real Estate Fund 50.4 – European Financing Partners 9.9 3.5 Af Af Africa £588m Af Af Africa £135m Actis South Asia Fund 2 4.7 54.9 Global Environment Emerging Markets Fund III 18.5 1.0 Business review As Asia £286m As Asia £353m As Actis Umbrella Fund 3.2 11.4 GroFin East Africa SME Fund 0.8 0.6 – Africa 14 LA Latin America £38m LA Latin America £101m Rf Rf Regional funds £272m Rf Regional funds £512m Actis Infrastructure Fund II 374.7 – Helios Investors 11.2 22.5 – Asia 18 LA Actis Emerging Markets Fund 3 100.8 – Horizon Tech Ventures – 0.7 – Latin America 22 Actis Africa Fund 3 75.6 – Horizon Fund III 5.3 0.1 Actis India Fund 3 50.4 – I&P Capital II 5.1 – – Regional funds 24 Actis China Fund 3 50.4 – IDFC Private Equity Fund II 5.7 9.8 Performance review 28 As Rf LA Actis Latin America Fund 3 49.6 – India Value Fund II 0.3 2.5 29 Actis managed funds 903.6 787.9 India Value Fund III 9.2 3.2 Board of Directors 34 International Finance Participation Trust (2004) 13.4 36.0 a CDC’s fund managers 36 i Aureos 10 Legacy Funds – 4.6 Kendall Court Mezzanine (Asia) Fund 3.9 3.1 s Portfolio by fund manager New commitments by fund manager A 18 CDC’s fund commitments Aureos Central America Fund 1.5 2.8 Kotak India Realty Fund 23.2 1.8 1 1 Actis £838m 1 1 Actis £781m and investments IBC Aureos Central Asia Fund 9.9 – Lok Capital 1.5 0.4 2 Aureos £39m 2 Aureos £38m Aureos China Fund 9.2 0.3 Lombard Asia III 8.9 0.8 Contact details BC 3 Other £306m 3 Other £282m Aureos East Africa Fund 0.3 5.0 Medu Capital Fund II 5.0 0.4 3 3 Aureos Latin America Fund 13.0 1.9 Minlam Microfinance Offshore Fund 3.0 13.1 2 2 Aureos Malaysia Fund 4.9 – Navis Asia Fund IV 0.1 6.2 Aureos South Asia Fund I [Interim] 0.7 1.9 Navis Asia Fund V 23.8 10.1 Aureos South Asia Fund 10.7 6.1
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